President Bola Tinubu has suspended the controversial 0.5 per cent cybersecurity levy on electronic transactions in the country.

Minister of Information and National Orientation Mohammed Idris made this known while speaking to journalists after the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja on Tuesday, May 14, 2024.

Idris disclosed that Tinubu directed the Central Bank of Nigeria (CBN) to suspend the implementation and review the modalities for the implementation of the cybersecurity levy.

The minister added that the levy was thoroughly discussed at the FEC meeting, saying the president is not oblivious to the feelings of Nigerians.

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The CBN had ordered banks to start charging a 0.5 per cent cybersecurity levy on all electronic transfers.

The Star had reported that the apex bank gave the directive via a circular dated May 6, 2024, and directed to all commercial, merchant, non-interest and payment service banks, among others.

It noted that the deduction and collection of the cybersecurity levy is a sequel to the enactment of the Cybercrime (prohibition, prevention etc) Amendment Act of 2024.

This was greeted with wide condemnations by Nigerians, with many groups and individuals calling for the immediate reversal of the levy.

The House of Representatives also asked the CBN to withdraw its directive to all banks on the controversial levy.

The Star